World UK budget to tackle virus fallout, aid recovery
Dems prepare for party-line House vote on Biden's pandemic aid bill
House Democrats aren't expecting to get a single GOP vote for their aid package, which they're taking up with the procedural maneuver known as reconciliation.But House Democrats aren't expecting to get a single GOP vote for their aid package, which they're taking up with the procedural maneuver known as reconciliation in order to win Senate passage without the threat of a filibuster. The House Budget Committee will meet Monday afternoon to tee up the legislation for floor passage on Friday or Saturday, with Senate action as soon as the following week.
British finance minister Rishi Sunak unveils his annual budget Wednesday, promising measures to safeguard businesses and jobs while tackling virus-fuelled debt as England prepares to exit its third lockdown.
Ahead of the budget statement in parliament, Prime Minister Boris Johnson's Conservative government announced late Tuesday that it would extend its furlough scheme paying the bulk of wages for millions of private-sector workers.
Democrats plot their Plan B to save minimum wage hike
Notably, some Republicans have backed a wage bump, but with extra strings that would divide Democrats. Sen. Mitt Romney (R-Utah) announced last week that he’ll introduce a bill with Sen. Tom Cotton (R-Ark.) that would raise the minimum wage — although he didn’t specify a number — “while ensuring businesses cannot hire illegal immigrants.”Progressives aren’t yet ready to ditch the $15 figure. Senate Budget Chair Bernie Sanders (I-Vt.
News of the multi-billion-pound furlough extension until the end of September, five months longer than planned, boosted share prices of retailers and travel companies trading in London.
"We will continue doing whatever it takes to support the British people and businesses through this moment of crisis," Chancellor of the Exchequer Sunak will say when delivering his budget to parliament from 1230 GMT, according to his department.
He will add that once the economy is "on the way to recovery, we will need to begin fixing the public finances -- and I want to be honest today about our plans to do that".
The furlough scheme has contributed to soaring government debt, which Sunak may tackle in part by using his budget to announce a rise in corporation tax or a levy on company profits, according to reports.
Democrats' $1.9T Covid aid bill faces the Senate chopping block
The package's minimum wage hike, and other major provisions, could get trimmed today.In a courtroom-like setting with high-stakes legislative consequences, staffers for both parties will argue over whether critical pieces of Biden’s coronavirus relief plan run afoul of arcane budget rules. The referee in this dispute: the Senate parliamentarian, or the upper chamber’s official adviser on procedural matters, who could opine as soon as Wednesday or Thursday on what's in and what's out.
At 19 percent, Britain's corporation tax rate is the nation's lowest on record and one of the smallest in the Group of 20 bloc of wealthy nations.
The government has cut taxes during the pandemic -- reducing sales tax on food, accommodation and attractions.
It has also lifted the threshold at which stamp duty is due on home purchases, helping property buyers and the construction sector.
Some or all of these measures could be extended in the budget, according to reports.
- Cost of virus -
Britain is the worst-hit country in Europe with more than 120,000 Covid deaths and four million cases.
But its economic recovery hopes have been boosted by its rapid vaccination programme that has seen millions of adults receive a jab.
The economy shrunk almost 10 percent in 2020 because of the impact of the pandemic, with activity also hampered by turmoil ahead of Britain's eventual exit from the European Union.
The GOP’s anti-stimulus rallying cry: What happened to the unspent $1 trillion?
Much of the aid money was designed to be spent gradually, economists say. And the country still needs more.It’s a criticism meant to underscore their argument that the resurgent U.S. economy doesn’t need another giant influx of cash, and certainly not the $1.9 trillion package that Biden is seeking — a view that some Democrats like former Treasury Secretary Larry Summers also embrace.
Reflecting the problems, UK unemployment has shot up to a five-year high of 5.1 percent.
England's third lockdown will start to be lifted from Monday, with the reopening of schools, followed by non-essential shops and hospitality in the coming months.
Since April 2020, or soon after the UK's first virus lockdown, the government's net borrowing has ballooned by £271 billion ($378 billion, 314 billion euros), according to official data.
The state has pumped out around £280 billion in support packages over the past year to fight the virus fallout, according to the Treasury.
The budget is also expected to confirm the launch of an Infrastructure Bank with £12 billion in capital and £10 billion in government guarantees.
The lender will be formed to finance private-sector projects in the green economy, focusing on areas such as carbon capture and renewable energy.
Smithsonian exhibit, summer camp boom, turn on the lights: News from around our 50 states .
How the COVID-19 pandemic is affecting every stateStart the day smarter. Get all the news you need in your inbox each morning.